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Heights Shopping Center 6701 E Mill Plain Blvd 83,901 SF 94% Leased Retail Building Vancouver, WA 98661 $14,203,494 CAD ($169.29 CAD/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Safeway has anchored the center since 1991, leased through 2031 with two 10-year renewals and 10% rent bumps. It drives ~889K annual visits
- 6.5-acre site within the Heights Plan District allows mixed-use, mid-rise development and multifamily under R-18 zoning
- 1-mile household income over $125K; Vancouver’s population projected to more than double by 2045. Median home values up ~65% since 2019
- Average rent ~$9/SF vs. $18–$22/SF market rates. Retail vacancy less than 3% within one mile supports strong mark-to-market upside & minimal downtime
- Local, service-based tenants (fitness, salons, financial services, dining) complement Safeway; no large box exposure
- Signalized intersection of Mill Plain Blvd & Andresen Rd with 40K+ daily vehicles and ~340 parking stalls
EXECUTIVE SUMMARY
Heights Shopping Center is a daily-needs retail center anchored by Safeway, which has operated since 1991 and remains leased through 2031, which welcomes approximately 889,000 annual visits (Placer.ai). In addition to the in-line space, Safeway also operates on a separate ground lease for the NE corner parcel, expiring in 2031. Both leases include two (2) ten-year options with 10% rent increases. In-place shop rents average below $9 per square foot, well-below prevailing neighborhood rates of $18-$22 per square foot, creating a clear mark-to-market opportunity on upcoming rollovers amid a one-mile retail vacancy of less than 3%. The tenant mix is e-commerce resistant, featuring a mix of small-format financial services, salons, health and fitness, and food uses, and limited junior-box exposure with the largest non-grocer space around 6,000 square feet. The Property is located within the Heights Plan District, which supports mixed-use, mid-rise scale development alongside adjacent R-18 zoning. The surrounding trade area is affluent and expanding, with one-mile average household income above $125,000 and a nearby population base that’s grown over 20% since 2010. The Offering is positioned at a signalized hard-corner intersection at E Mill Plain Boulevard and N Andresen Road with multiple access points to a dedicated ~340-stall parking lot, offering excellent visibility and access. Offered at $123 per square foot, the center provides a below-replacement entry compared to $600 per square foot or more for new grocery-anchored product. A 4.38% CAGR signals attractive growth, with further lift via development of the Safeway ground-leased parcel and marking Safeway’s in-line space to market (presently $9/SF) in the event they vacate.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Freestanding
Building Size
83,901 SF
Building Class
B
Year Built/Renovated
1972/1991
Price
$14,203,494 CAD
Price Per SF
$169.29 CAD
Cap Rate
6%
NOI
$852,210 CAD
Percent Leased
94%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.29
Lot Size
6.59 AC
Zoning
C3, Vancouver
Parking
340 Spaces (4.05 Spaces per 1,000 SF Leased)
Frontage
572’ on E Mill Plain Blvd
AMENITIES
- Bus Line
- Pylon Sign
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $13,964,476 CAD | |
| Land Assessment | $5,660,989 CAD | Total Assessment | $19,625,465 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$5,660,989 CAD
Improvements Assessment
$13,964,476 CAD
Total Assessment
$19,625,465 CAD
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Heights Shopping Center | 6701 E Mill Plain Blvd
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